Egg BT (date is important, opinions please?)

aliasojo

I have actually sent a secure message to Egg about this query but they didn't address the point of the matter and just gave me the usual bumph about how to transfer and the rate offered etc.

I've just cleared the account balance yesterday....it's showing as zero balance today online.

We have a 1.9% BT offer that we have to take advantage of by the end of March or lose it.

Our statement date is the 14th so it will be 14th April for the next one.

Is it enough to have a zero balance showing for even one day before taking advantage of the next low % offer? If I need to wait until April's statement then obviously it will be too late then.

Personally I would have thought it would be ok to do just now, but I have read posts from people who say they were told to wait until one completely clear statement.

Any advice?

Milarky

aliasojo wrote:

Is it enough to have a zero balance showing for even one day before taking advantage of the next low % offer? If I need to wait until April's statement then obviously it will be too late then.

IME, yes. As soon as the balance is repaid it cancels it. Your next BT will be at 1.9% - although you won't see the rate attaching until the next statment comes out. Remember that this BT will carry a fee (as it's a 'special promotion' covered by that provision) of 2% upto £50. It is in your interests therefore (assuming it's for 5 months like they all are) to maximize the BT and only transfer a single payment to your bank - splitting the amount later if required. You might like to request an increase in your credit limit before transferring. Egg are quite lax about approving these many have found (and don't worry if you have asked for one in the last three months and been turned down - you can still squeek an increase through the automated system if you reduced the amount. What about asking for an extra 10% of your credit limit say - that should go through at least?)

aliasojo

Thanks for taking the time Milarky.

That was a good idea about requesting a credit limit increase. I have to say I wouldn't have done that but after reading your post I figured what the heck.

We had a 9K limit which is now 10K, so thank you.

I transferred this morning to my current account and then some of it will head off to IF shortly where it will earn 6.9%.

I printed off the page that showed the account at nil balance first, just in case of any issues.

:beer: